Analysts Just Updated Ratings of These 5 Stocks

4. AutoZone, Inc. (NYSE:AZO)

Number of Hedge Fund Holders: 38

Morgan Stanley improved its ratings for AutoZone, Inc. (NYSE:AZO) from “Equal Weight” to “Overweight” on Thursday, June 16, 2022, saying the stock offers a 20 percent upside given the durability of its profit and sales growth. The research firm also increased its price target for the aftermarket automotive parts retailer from $2,125 per share to $2,420 per share.

Separately, investment management firm Altron Capital Management also discussed the growth prospects of AutoZone, Inc. (NYSE:AZO) in its fourth-quarter 2021 investor letter published in April. Here’s what the fund said about AutoZone, Inc. (NYSE:AZO):

AutoZone has been a winner since we built a position in the company last quarter. Given the current supply challenges in the automotive sector, we believe the long-standing trend of America’s aging automotive fleet will continue for the foreseeable future with AutoZone as a primary beneficiary.”